Yes it is possible.
What you are talking about is called a "doubler." It typically uses the planetary gear set from one transfer case mounted up front of another transfer case, offering a dual speed drive into the t-case which "doubles" the effective gear ratio (low range, plus low range again).
The problem is that no one just makes one that you can purchase and install. It is almost always custom work.
There are a few guys that have made some that work in or with the Ranger/Explorer setup however, but I have no real info on costs or effectiveness.
You would, at the very least, need another transfer case, and the splines would have to match both your tranny output and the input of your other transfer case, plus an adaptor to mate the two cases together, then also changed driveshafts, etc. In the long run, it might simply be better to go with an Atlas unit with a low-geared low range.
